Sherisha Technologies backed by Supreme Global Holdings bid for UL with Qatar funding

Monday, 29 April 2024 01:54 - - {{hitsCtrl.values.hits}}

R.M. Manivannan

In a significant development in the aviation sector, Supreme Global Holdings, owned by R.M. Manivannan, has entered the bidding process via Sherisha Technologies Ltd., formerly known as SunEdison Energy India Ltd., to acquire the national carrier, SriLankan Airlines.

Supreme Global has formed a robust consortium including MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar, and Sherisha Technologies. This strategic alliance is set to bring considerable financial and operational prowess to the table, potentially tipping the scales in favour of Supreme Global’s bid to take over SriLankan Airlines.

Sherisha is among six who responded to the Request for Qualification for SriLankan Airlines’ sale. Others are Hayleys Plc, FitsAir, Air Asia Consulting, Dharshaan Elite Investment Holding Ltd., and Treasure Republic Guardians Ltd.

Some analysts viewed Manivannan’s bid was particularly noteworthy given the current geopolitical dynamics in the Indo-Lanka region. Whilst it is believed strongly that Sherisha is backed by the Government of India, the involvement of a Sri Lankan company, alongside a powerful Indian firm and significant financial backing from a Qatari entity, symbolises a strengthening of ties and mutual interests among these regions. Qatar’s immense wealth and strategic investments globally make it a pivotal player in this arrangement, potentially offering SriLankan Airlines the chance to leverage these relationships for expanded routes, enhanced operational capabilities, and better financial stability.

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